The price of natural gas in the EU has surged 60% this week, hitting a new high not seen in over three years.

On March 4, local time, the price of European natural gas futures broke through 56 euros per megawatt hour, continuing its upward trend to reach a new high in over three years. Over the past two days, due to the shutdown of Qatar's liquefied natural gas facilities and the closure of the Strait of Hormuz amid tensions in the Middle East, natural gas prices have soared by 60%. The uncertainty of when Qatar Energy Company's liquefied natural gas facility in Ras Laffan will resume production has heightened concerns about supply shortages, while the closure of the Strait of Hormuz has restricted the natural gas transportation of other major producers in the region. These continuous disruptions have added additional pressure to Europe's already strained winter natural gas reserves, sparking concerns about summer natural gas supplies.